Terra Founder Says He's Heartbroken for What His Invention Caused

by in Cryptocurrency News

Terra Luna Do Kwon

Terra blockchain ecosystem founder Do Kwon said he's heartbroken about the pain his invention caused the community.

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Kwon tweeted that in the past few days, he has held phone calls with Terra blockchain engineers, community members, employees, friends, and family that have been devastated by the UST’s losing its peg.

Further on, he wrote that he continues to believe that decentralized economies deserve decentralized money, but UST won't be that currency in its present condition.

The algorithmic stablecoin UST couldn't maintain its peg amid the crypto crash. Now its price is about $0.17. Terra's governance coin LUNA fell as low as $0.0002232.

On May 13, Terra validators halted the network. Later, the team announced resuming block production but without the possibility of on-chain swaps and Inter-Blockchain Communication channels. The team urged users to bridge off-chain assets such as bETH (tokenized ETH on Binance) to their native blockchains.

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Do Kwon mentioned that he and the institutions he is related with didn't make a profit during the crisis. Currently, they are working to document the use of Bitcoin reserves during the depegging event. Di Kwon put down his proposal for Terra's future without UST.